The Indonesian and Australian governments on Monday signed an agreement on their partnership for economic development in Canberra on Monday.
The memorandum of understanding (MoU) was signed by Finance Minister Sri Mulyani Indrawati and Australian Treasurer Josh Frydenberg, according to a press statement issued by the Finance Ministry.
Under the agreement, both governments agree to exchange updated information on revenue and taxation policy, structural reform, the stock market, the financial service and international economic policies.
Various activities that will be implemented under the agreement include bilateral visits, conferences, workshops, joint studies, internships (officials’ exchanges) and a scheduled annual cooperation event, the press statement says.
Sri Mulyani appreciated the Australian government’s commitment to improving cooperation between the two countries. She stressed that it was helpful for her ministry to manage fiscal policy and to carry out taxation reform based on the Australian government’s experience.
Under the agreement, the Australian Treasury has also placed its senior staff at the Finance Ministry’s Fiscal Policy Agency (BKF).
This MoU is a renewal of an agreement on bilateral economic policy dialogue (BEPD) signed in 2013 by the Australian Treasury and the BKF.
Under the renewed agreement, the Australian Treasury and the BKF will discuss the priority of the following year. The topics to be discussed include international, regional and bilateral cooperation.
It is in line with the both countries’ high level policy dialogue that was introduced in 2006 and involves both government officials and research institutions with the main objective of improving both capacity and technical development.